REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
INTERNATIONAL ELECTRIC COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
INTERNATIONAL ELECTRIC COMPANY LIMITED |
INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
INTERNATIONAL ELECTRIC COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
10 Stadium Business Court |
Millennium Way |
Pride Park |
Derby |
Derbyshire |
DE24 8HP |
INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605) |
BALANCE SHEET - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
International Electric Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Patents |
Patent costs are recognised as intangible assets when each project is in the developmental phase. Costs incurred during the research phase of each project are expensed to the profit and loss account in line with FRS 102. |
Patents and licences are being amortised evenly over their estimated useful life of 20 years. |
Tangible fixed assets |
Plant and machinery | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Patents and |
licences |
£ |
Cost |
At 1 October 2022 |
Additions |
Disposals | ( |
) |
At 30 September 2023 |
Amortisation |
At 1 October 2022 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
Cost |
Additions |
At 30 September 2023 |
Depreciation |
Charge for year |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 October 2022 |
Additions |
At 30 September 2023 |
Net book value |
At 30 September 2023 |
At 30 September 2022 |
During the year, two subsidiaries were formed: |
CASSIOPeiA Solar Ltd |
UK company with issued share capital of 1,001 ordinary £1 shares, controlling interest |
Phased Arrays Ltd |
UK company with issued share capital of 100 ordinary £1 shares, wholly owned |
Existing wholly owned subsidiaries were as follows: |
IECharge Ltd |
UK company with issued share capital of 100 ordinary £1 shares |
International Electric Company Inc |
US company with authorised share capital of 1,500 shares of no par value |
All subsidiaries are currently dormant apart from CASSIOPeiA Solar Ltd, which is non-trading. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Tax |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Accruals and deferred income |
Directors' current accounts |
INTERNATIONAL ELECTRIC COMPANY LIMITED (REGISTERED NUMBER: 03749605) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following capital introduced by a director subsisted during the years ended 30 September 2023 and 30 September 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
10. | RELATED PARTY DISCLOSURES |
Amounts were paid in the year to SICA Design Ltd, a company owned and managed by I and S Cash, as follows: |
2023 | 2022 |
£ | £ |
Consultancy services | 87,500 | 76,135 |
The following balances were payable to SICA Design Ltd at the year end: |
2023 | 2022 |
£ | £ |
Trade creditors | 6,720 | 76,135 |